What to check during revision:
Posted: Wed Jun 18, 2025 10:03 am
Minimum: Review your policy at least once every 3-5 years .
Be sure to: Review your policy after every significant life event .
Significant life events that require reconsideration:
Marriage or divorce: Changes dependency and financial obligations.
Having or adopting children: Significantly increases financial responsibility and coverage needs.
Buying a home (especially with a mortgage): Creates a large long-term commitment that must be covered.
Significant change in income: Either up (can increase coverage or invest savings) or down (may require adjustment of coverage to reduce costs).
Paying off large debts: For example, paying off country wise email marketing list a mortgage. May reduce the need for a large coverage.
Retirement: Financial needs change when you no longer receive a salary.
Death or disability of beneficiary/dependent: Requires updating of beneficiary list.
Changes in Law: Tax or regulatory changes may affect the benefits of your policy.
Coverage Amount: Is it sufficient to cover your family's current and future financial needs?
Beneficiaries: Are they current? Are their shares stated correctly?
Policy Type: Does a term policy still meet your temporary needs? Or, if you have a permanent policy, does it meet your long-term goals and is it worth the cost?
Be sure to: Review your policy after every significant life event .
Significant life events that require reconsideration:
Marriage or divorce: Changes dependency and financial obligations.
Having or adopting children: Significantly increases financial responsibility and coverage needs.
Buying a home (especially with a mortgage): Creates a large long-term commitment that must be covered.
Significant change in income: Either up (can increase coverage or invest savings) or down (may require adjustment of coverage to reduce costs).
Paying off large debts: For example, paying off country wise email marketing list a mortgage. May reduce the need for a large coverage.
Retirement: Financial needs change when you no longer receive a salary.
Death or disability of beneficiary/dependent: Requires updating of beneficiary list.
Changes in Law: Tax or regulatory changes may affect the benefits of your policy.
Coverage Amount: Is it sufficient to cover your family's current and future financial needs?
Beneficiaries: Are they current? Are their shares stated correctly?
Policy Type: Does a term policy still meet your temporary needs? Or, if you have a permanent policy, does it meet your long-term goals and is it worth the cost?